This paper proposes using a digital ATE channel to generate a pulse-density modulated bit stream, which is then filtered on the DUT-board to form an arbitrary analog waveform at very low cost. Experiments have shown a noise density of -121 dBc in 1 Hz and a spurious free dynamic range (SFDR) of 73 dB, which make the approach suitable for medium performance applications. A per-pin ATE architecture where bit frequency and pattern sequence can be selected for a single pin is particularly well suited. Low-jitter digital channels and symmetrical pulses lead to good analog signal quality. The proposed low-cost test resource contributes to lower cost of test by enabling more parallel test.